The most practical way of storing hydrogen gas for fuel cell vehicles is to use a composite overwrapped pressure vessel. Depending on the driving distance range and power requirement of the vehicles, there can be various operational pressure and volume capacity of the tanks, ranging from passenger vehicles to heavy-duty trucks. The current commercial hydrogen storage method for vehicles involves storing compressed hydrogen gas in high-pressure tanks at pressures of 700 bar for passenger vehicles and 350 bar to 700 bar for heavy-duty trucks. In particular, hydrogen is stored in rapidly refillable onboard tanks, meeting the driving range needs of heavy-duty applications, such as regional and line-haul trucking. One of the most important factors for fuel cell vehicles to be successful is their cost-effectiveness. So, in this review, the cost analysis including the process analysis, raw materials, and manufacturing processes is reviewed. It aims to contribute to the optimization of both the cost and performance of compressed hydrogen storage tanks for various applications.